Hello, my name is Jason from Tacoma Washington and I'm new

Hello, my name is Jason from Tacoma Washington and I'm new

New to Real Estate · Washington State · Member since 2021 · 12 posts · 8 votes

I am new to Real Estate investing and looking to start with my current primary residence. My family is outgrowing this house and we always planned to sell this one and buy a new house. Until I stumbled onto Bigger Pockets. I have lived in the home for almost 5 years and built some good equity. Based on my rookie analysis I came to the conclusion that this single family 2000 sqft home has rental potential. It's not outdated and no major work is needed besides aesthetics. But most importantly, I live in an area that is in an uptrend. It's close to elementary schools, hospitals and the military base. And based on similar homes that rent in my area, the cashflow potential is there. However, I need to refinance to get a better rate and lower my monthly payment to produce more cash flow. 

I am currently doing my coursework for my real estate license. I am mostly doing it for the knowledge as I am very new to this. Even if I never make a single commission, I still win because of the knowledge and connections I will gain.

I'm sorry if I'm rambling too much. I am just so happy and excited to have found a place like the Bigger Pockets platform to share and learn from others. I am new to this and I hope to one day contribute on here. Just reading previous posts and forums, I have already learned so much. If you made it this far, thanks for reading.

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Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
5y

@Jason Kim Congrats on starting your real estate investing journey! You've definitely found the right place to learn more and connect with others. 

Regarding your property, have you identified a property management company yet? Whether you decide to self-manage or not, I would reach out to a few of the best PM's in your area to get their opinion on your neighborhood, your property, what it will rent for, and what (if any) improvements they recommend you make to maximize your ROI.

What terms are you looking to get on your refi? Have you identified a lender yet? 

Best of luck and keep us updated on your progress!

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  • Rental Property Investor · Seattle, WA · Member since 2017 · 383 posts · 248 votes
    5y

    Hi there - welcome and congrats on your new journey! Best of luck on your refi and on kudos to you for networking! Keep asking questions and engaging on Bigger Pockets - I think you'll be pleased at how much investors want to help out others. Cheers!

  • Rental Property Investor · Madison, AL · Member since 2019 · 487 posts · 658 votes
    5y

    @Jason Kim

    Congratulations on finding BiggerPockets and making the leap into REI. Joint Base Lewis-McChord is a great duty location and is unique because it's a joint installation, meaning it is home to Air Force and Army. Optimizing the assets you currently have is smart. I did a similar strategy when I moved from Louisiana. Without REFI, the property cashflow was a little over $100, but my cashflow tripled once I did a REFI. 

    Sincerely, 

    Josh 

  • Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
    5y

    @Jason Kim Congrats on starting your real estate investing journey! You've definitely found the right place to learn more and connect with others. 

    Regarding your property, have you identified a property management company yet? Whether you decide to self-manage or not, I would reach out to a few of the best PM's in your area to get their opinion on your neighborhood, your property, what it will rent for, and what (if any) improvements they recommend you make to maximize your ROI.

    What terms are you looking to get on your refi? Have you identified a lender yet? 

    Best of luck and keep us updated on your progress!

  • New to Real Estate · Washington State · Member since 2021 · 12 posts · 8 votes
    5y

    @Douglas Spence thank you! At the moment, I have not identified a property management company. I plan on managing it myself, as it will be my only rental. I am seeing the management of my property as a learning experience. That way when I do need to outsource property management, I'll know exactly what to look for and have better knowledge of my rental market. I will have the experience to self manage if needed and save a few bucks. 

    As far as loans go, I am looking to simply lock in a lower interest fixed rate and decrease my monthly payment to optimize cashflow. This is a property I plan on keeping for the long haul. I have briefly spoke to lenders but I am still learning about all of the financing options available to me for my situation. There's so much information out there. I just need to find what fits my situation the best.

    I hope to provide some good updates in the near future! Thanks Douglas.

  • Chad RockeBusiness Member
    Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
    5y

    Hey @Jason Kim! 

    Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

    1.Subscribe to the BiggerPockets Money and Rookie Podcasts

    2.Attend the FREE WEBINARS

    3.Attend a Meetup in Your Area / virtual meet ups

    4.Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

    5.Peruse the forums! Ask questions! Answer Questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

    Good Luck,

  • Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes
    5y

    Hi @Jason Kim - welcome!  Let me know if you have any specific questions.  Happy to answer.

  • Real Estate Agent · Austin, TX · Member since 2020 · 338 posts · 296 votes
    5y

    Welcome to BP @Jason Kim! Sounds like you have done some research and are learning quick.  Getting your RE license will definitely be valuable - like you said, worst case scenario you get great knowledge and connections.  Though, there are many things you won't learn in that process, but will learn as you invest and expand.  It is great that you found BP to share and learn.  Use it as much as you want, and learn as much as you can! Never be afraid to ask a question on here! Best of luck to you renting out that property! Cheers

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Jason Kim:

    I am new to Real Estate investing and looking to start with my current primary residence. My family is outgrowing this house and we always planned to sell this one and buy a new house. Until I stumbled onto Bigger Pockets. I have lived in the home for almost 5 years and built some good equity. Based on my rookie analysis I came to the conclusion that this single family 2000 sqft home has rental potential. It's not outdated and no major work is needed besides aesthetics. But most importantly, I live in an area that is in an uptrend. It's close to elementary schools, hospitals and the military base. And based on similar homes that rent in my area, the cashflow potential is there. However, I need to refinance to get a better rate and lower my monthly payment to produce more cash flow. 

    I am currently doing my coursework for my real estate license. I am mostly doing it for the knowledge as I am very new to this. Even if I never make a single commission, I still win because of the knowledge and connections I will gain.

    I'm sorry if I'm rambling too much. I am just so happy and excited to have found a place like the Bigger Pockets platform to share and learn from others. I am new to this and I hope to one day contribute on here. Just reading previous posts and forums, I have already learned so much. If you made it this far, thanks for reading.

    Jason, awesome that you joined!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Jason Kim:

    I am new to Real Estate investing and looking to start with my current primary residence. My family is outgrowing this house and we always planned to sell this one and buy a new house. Until I stumbled onto Bigger Pockets. I have lived in the home for almost 5 years and built some good equity. Based on my rookie analysis I came to the conclusion that this single family 2000 sqft home has rental potential. It's not outdated and no major work is needed besides aesthetics. But most importantly, I live in an area that is in an uptrend. It's close to elementary schools, hospitals and the military base. And based on similar homes that rent in my area, the cashflow potential is there. However, I need to refinance to get a better rate and lower my monthly payment to produce more cash flow. 

    I am currently doing my coursework for my real estate license. I am mostly doing it for the knowledge as I am very new to this. Even if I never make a single commission, I still win because of the knowledge and connections I will gain.

    I'm sorry if I'm rambling too much. I am just so happy and excited to have found a place like the Bigger Pockets platform to share and learn from others. I am new to this and I hope to one day contribute on here. Just reading previous posts and forums, I have already learned so much. If you made it this far, thanks for reading.

    Jason, awesome that you joined!

  • Rental Property Investor · Spanaway, WA · Member since 2016 · 82 posts · 41 votes
    5y

    @Jason Kim Welcome to the party! I too found bigger pockets...just a a few years after purchasing our 3rd home. As many have already said, there is tons of resources here. I personally listen to the BiggerPockets Real Money and Real Estate Rookie podcasts regularly. I am in your area and there also a few local Facebook groups (OlyREI & Washington Real Estate Investors Club).  OlyREI seems to me a little more active these days if you don't mind heading south.  I'm happy to connect, feel free to reach out and good luck!

  • New to Real Estate · Washington State · Member since 2021 · 12 posts · 8 votes
    5y

    @Nicholas Zaharevich thank you Nicholas! I love the BP community. I end up connecting with local investors like yourself! Congrats on your third home, I will be there one day. I definitely wouldn't mind heading south to Oly for some events/networking. I'll check that page out. I hope we can connect in person one day,being that we are in the same area. Its awesome to know there's like minded people so close by! Good luck on the rest of your ventures!

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